Hi I am new to AWS world.

1) I have domain name bought and registred by some third party (not amazon), where I set DNS values

2) I have EC2 micro instance and in panel I can find Public DNS, and Public IP

3) I have also route53 service with A record binding to IP from 2).

I copied dns values from Delegation Set in route53 to 1)

QUESTIONS:

But will it be enough to bind 1) with public DNS from 2), what are the limitations?

In micro plan are DNS, and IP dynamic?

You need to assign an Elastic IP to your instance and use that IP to configure the DNS A-record. An Elastic IP is the EC2 equivalent of a static IP. I don’t think there is any additional cost to it as long as you don’t leave an Elastic IP unassigned.

Once you have your Elastic IP, you can use the DNS tool of your domain registrar (I use GoDaddy) to bind the domain to your IP. You don’t need Route53 to do that, but you can configure Route53 to replace your registrar’s DNS servers if you prefer. For a simple setup with only one or two servers, I don’t see much benefit in using Route53.